Revolut Named Most Crypto-Friendly Bank in the UK
Revolut has become the most cryptocurrency-friendly bank in the United Kingdom.
According to a report by Recap, Revolut stands out from other banks by allowing customers to trade cryptocurrencies directly through its mobile banking app and providing them with educational materials to enhance their understanding of digital assets.
“Not only do users benefit from a seemingly unlimited exchange limit, but the global neobank is also the only one that permits users to trade through mobile banking apps,” the report said.
It claimed that the bank’s customers also benefit from a ‘Crypto Learn and Earn’ scheme, which allows them to earn crypto rewards in return for completing lessons
Monzo came a close second, offering a number of similar features to Revolut.
In contrast, traditional banks such as HSBC and Natwest have implemented stringent limitations on cryptocurrency purchases, allowing customers to transact only within a range of £2,500 to £5,000 per month.
The report highlights how restrictive regulations and limited cryptocurrency services can create difficulties for individuals when filing their taxes.
The clash between traditional banking institutions and the world of cryptocurrencies has been escalating in recent years.
Banks have adopted a risk-averse approach, imposing tighter controls on both inbound and outbound cryptocurrency transactions, particularly following the collapse of FTX, a prominent cryptocurrency trading platform.
Some banks have even restricted card payments to Binance, a different exchange, in response to a warning from the UK’s Financial Conduct Authority (FCA) regarding Binance’s regulatory compliance.
“The risk averse approach being taken by UK banks to both the banking of crypto firms and the blanket bans
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